Goldman Sachs
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Tencent Music Entertainment Group has started pre-deal investor education for one of the highest-profile IPOs by a Chinese firm in the US this year. -
The Ministry of Finance of the People’s Republic of China has mandated 12 banks to work on its planned $3bn return to the bond market, which could come next week.
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The first two major IPOs of the autumn, Funding Circle and SIG Combibloc, have both stayed above water in trading.
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Metropolis Healthcare has filed a draft red herring prospectus for an IPO with the Indian markets regulator, more than two years after it first hired banks for the deal.
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RAG-Stiftung, the German foundation created in 2007 to support the discontinuation of the country’s coal mines, opted to a block trade alongside an exchangeable bond to sell a 7% stake in Evonik Industries, the German speciality chemicals company, for €1bn.
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Spain’s largest department store group, El Corte Inglés, picked a busy week to roadshow its first rated issue. But its bonds will be listed in Dublin, despite efforts from the Spanish financial regulator to force a domestic bond listing in Madrid.
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China’s Health and Happiness (H&H) International Holdings has cancelled an exchange offer as well as a concurrent new money issuance, becoming one of three issuers to pull deals this week, as bankers blame the recent explosive supply on weaker investor demand.
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Boutique investment bank China Renaissance has wrapped up its HK$2.7bn ($345.5m) IPO at the bottom of guidance, with the deal multiple times subscribed.
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Nestle, Électrcité de France and BP have led a stampede to the dollar market ahead of an expected rate hike by the Federal Reserve next week, as credit markets shrugged off trade wars between the US and China.
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State-owned German rail operator Deutsche Bahn took the opportunity to make the most of the European Central Bank’s corporate bond buying programme when it sold a €500m 12.5 year deal on Thursday.
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Public sector borrowers rushed into what is likely to be the last window for dollar issuance for a few weeks, removing some of the price tension they had enjoyed in what had been an undersupplied currency so far this year. That meant pricing correctly involved fine margins — although most deals made it through happily.
